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Nesgroup address: misc.consumers.house - Date & Time for the message: Fri, 20 May 2005 20:06:32 -0700 /

Author of the message: Ablang

Title of the message:
Cold feet on home purchase? Warm them before closing

Text of the message:
No turning back after closing on house
Real Estate Adviser by Steve McLinden • Bankrate.com
Dear Steve,
Once you close on a home is there no turning back? Is there a grace
period afterward that allows me to back out?
-- Demetra
Dear Demetra,
After you've closed on your home certainly is not the right time to
get cold feet. Once you've done your final walk-through, had the home
inspected, accepted the seller's terms and closed the deal, then
that's all she wrote. The sellers can simply cash your check and be on
their merry way. Any doubts you had should have already been addressed
and any defects in the property should have been addressed and
resolved by then.
Contrary to what you may have heard there is no grace period after
this transaction. You may be thinking of a buyer's right of
rescission, which applies to home equity loans and some refinancings
with another lender. Such borrowers have a three-business-day



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